Cancer Diagnostics Market

Cancer Diagnostics Market

Cancer Diagnostics Market: Biopsy Test Type Segment Expected to Remain Dominant Throughout the Forecast Period: Global Industry Analysis and Opportunity Assessment 2016 - 2026

  • XPLREP805

  • May, 2017

  • 207 Pages

  • Cancer

Escalating fatalities due to Cancer Driving the Cancer Diagnostics Market

As per a report published on XploreMR, the global cancer diagnostics market is expected to grow two-fold in the years to come.

The ever-increasing incidences of oncologic cases, technological upgradations in diagnostics on the continuous basis, and growing demand for proper screening tests are amongst the prime factors driving the cancer diagnostics market across the globe. Governments around the world are also supporting cancer diagnostics-related initiatives, which acts as another booster to the market.

It is a well-known fact that cancer accounts for a major portion of fatalities all across. As such, the healthcare personnel are emphasizing on developing proper diagnostic as well as treatment solutions for checking the level of prevalence. The fact that detection at early stages results in increase in success rates of the treatment regimens also calls for spurt in cancer diagnostics.

Though screening procedures like imaging, endoscopy or even lab tests do facilitate early detection, the risks involved in medical imaging procedures like exposure to radiation, administration of barium contrast and fluorescent media can’t be ruled out. Plus, cost incurred in having these diagnostic procedures conducted is high. These factors are bound to restrain the cancer diagnostics market in the forecast period.

What are Products up to?

Imaging modalities like MRI and CT scan are non-invasive, painless, and quick diagnostic solutions. They are being used in the form of supportive tests with the other genetic and laboratory tests for determining severity and location of condition in the diagnosis of various kinds of cancer. The cancer specialists could select the mode of treatment accordingly.

Laboratory tests are inclusive of testing urine, blood, or the other body fluids, or even tissues for checking presence of biomarkers, whereas the genetic tests comprise genetic aberrations in RNA and DNA samples taken from the tumours. Proper medical diagnosis can’t be ascertained on performing either genetic testing or laboratory testing alone. So, specialists go for simultaneous means, i.e. performing genetic and laboratory testing at the same time, so that the further course of treatment could be accurate.

How about Application-based Market Revenue?

Out of the kinds of cancers prevalent, breast cancer is found to hold the largest market share. The screening test employed over here is “mammography”. The USPSTF (United States Preventive Services Task Force) states that women aged 50 and above (upper limit could be 74) turn out to be at the highest risk of contracting breast cancer. As a constructive measure, the same USPSTF does recommend women aged 40 and above to go for mammography at regular intervals (say – 2 years).

On the other note, the increasing consumption of alcohol and tobacco in the developing economies of Asia-Pacific is increasing the risk of tumours in kidney and liver. This factor is expected to increase the demand for kidney and liver screening in the upcoming period.

What do Regions have to Say?

North America holds more than 50% of the market share due to extra heed being paid to healthcare, with people being benevolent regarding cancer diagnostics. The region is also quick to adopt advanced technologies, which paves the way for growth. Europe functions along the similar lines and stands second. Asia-Pacific is expected to grow at the fastest rate due to increase in medical tourism in the countries like Malaysia, China, and India (apart from the reasons mentioned above).

Though the outbreak of Covid-19 has temporary stalled the research being conducted in this field, once normalcy is restored (probably at the start of 2021), the research would be “bang on”.

Competitive Landscape

The key players in the cancer diagnostics market include Illumina, Inc., Becton, Dickinson & Company,  Hologic, Inc., GE Healthcare, F. Hoffmann-La Roche Ltd., Abbott, and Koninklijke Philips N.V.

Important Questions Answered

  • What is the growth potential of the Cancer diagnostics Market?
  • Which company is currently leading the Cancer diagnostics Market? Will the company continue with the winning streak during the forecast period?
  • What are the top strategies that players are expected to adopt in the years to come?
  • Which regional market is anticipated to secure the highest market share?
  • How will the competitive landscape change in future?
  • What do players need to do to adapt to future competitive changes?
  • What will be the total production and consumption with regards to Cancer diagnostics by 2030?
  • Which are the key upcoming technologies? How will they impact the Cancer diagnostics Market?
  • Which product segment is expected to show the highest CAGR?
  • Which application is forecast to gain the biggest market share?

Highlights of TOC:

Overview: Along with a broad overview of the Cancer diagnostics Market, this section gives an overview of the report to give an idea about the nature and contents of the research study.

Market Dynamics: Here, the authors of the report have comprehensively discussed about key drivers, restraints, challenges, trends, and opportunities of the Cancer diagnostics Market.

Product Segments: This part of the report throws light on the market growth of several types of products sold by leading companies.

Application Segments: The analysts authoring the report have deeply assessed the market potential of key applications and identified future opportunities they are expected to create in the Cancer diagnostics Market.

Geographical Segments: Each regional market is carefully looked into for understanding its current and future growth scenarios.

Company Profiles: Top players of the Cancer diagnostics Market are thoroughly profiled in the report based on their market share, market served, products, applications, regional growth, and other factors.

Biopsy is expected to remain the most lucrative cancer diagnostics test due to technological advancements such as fine needle aspiration

The biopsy test type segment dominated the global cancer diagnostics market in revenue terms in 2016, and the trend is projected to continue throughout the forecast period. Biopsy is the largest segment, which was valued at more than US$ 11 Bn in 2016 and is expected to expand at a CAGR of 7.4% over the forecast period. The liquid biopsy test type segment is expected to register fastest Y-o-Y growth throughout the forecast period. Even though liquid biopsy is becoming more popular due to its non-invasive nature, to obtain an accurate diagnosis, solid tumour biopsies or tissue biopsies are still preferred.

Despite the headwinds of regulatory uncertainties, diagnostic companies continue to invest in high dollar molecular diagnostic tests for cancer research

To purchase test reagents, a majority of diagnostic companies place these instruments in diagnostic and research laboratories through reagent rental contracts in exchange for long-term contracts, as tests can only be run in laboratories possessing instruments for which the test is developed and approved. Moreover, newly developed tests for particular instruments need to be mass marketed to diagnostic laboratories, general practitioners, and health insurers.

For instance, big players such as Roche Diagnostics, Abbott etc. license their cancer test products to regional geographical partners who either distribute these products in the region or develop reagent kits for their instruments. Addressing the huge needs in cancer diagnostics require the participation of established diagnostics industry players.

Changing competition landscape is the new trend that can be seen in the global cancer diagnostics market. Although molecular testing is a hotspot for investment in vitro diagnostic, the market shows delayed growth due to slow returns on investment. In spite of this, all big diagnostic players in the global market are continuously investing in cancer diagnostics including molecular biomarker testing, NGS, PET scanners etc. Companies are also investing in automation of existing molecular assays to foster future growth prospects.

The majority of cancer diagnostic players are adopting inorganic growth strategies to sustain the increasing competitive pressure. Companies in the global market are actively engaged in mergers and acquisitions, as the industry is in its growth phase because of continuous technology upgrades and launch of novel blood tests to detect cancer. Key players in the liquid biopsy industry have started taking strategic decisions to engage in mergers and acquisitions to strengthen their product portfolio and increase their brand share in the market.

Change in regulatory policies is reflecting in the change of approach towards cancer diagnostics. Due to automation of laboratory testing methods, traditional methods have been replaced by high-volume models and tests have become commoditised.

Regional forecast of the test type segment

The biopsy test type segment dominated the North America cancer diagnostics market in terms of revenue in 2015 and is projected to continue to do so throughout the forecast period. Biopsy is expected to be the most lucrative segment in the North America cancer diagnostics market, with a market attractiveness index of 2.9.

Steady advances in the field of bone marrow biopsy in the last few years have facilitated the accurate diagnosis of complex indications such as Hodgkin's lymphoma, lymphoplasmacytic lymphoma and other cancers of lymph and vascular systems. The biopsy segment is expected to be the most lucrative test type segment in the Western Europe cancer diagnostics market, with a market attractiveness index of 3.2.

New developments in fine needle aspiration tools for diagnosis of different cancer indications including lung cancers, head and neck cancers and advanced breast cancer among others has led to an increased demand for tissue biopsy. Further, majority of lung cancers are diagnosed at a late stage where fine needle aspiration biopsy is the only possible test done to confirm the presence of cancer.

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Cancer Diagnostics Market: Biopsy Test Type Segment Expected to Remain Dominant Throughout the Forecast Period: Global Industry Analysis and Opportunity Assessment 2016 - 2026
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